Singapore legislation
Clause 7
of Banking Bill
Clause 7
Minister to be advised of alteration in a bank’s constitution
(1)
A licensed bank shall within three months after the making of any alteration in the memorandum of association and articles of association or other instrument under which it is incorporated furnish to the Minister particulars in writing (verified by a statutory declaration made by a senior officer of the bank) of such alteration.
(2)
Any licensed bank which fails to comply with the requirements of subsection (1) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding five hundred dollars for every day the default continues.